Maiden Holdings, Ltd. - Understand $mhld stock

$MHLD Market Cap: $150 Million

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Financial Snapshot

Revenue

$86.51M

TTM

Gross Margin

18.14%

TTM

Net Earnings

-$63.76M

TTM

Current Assets

Current Liabilities

$73.99M

Q3 2024

Current Ratio

Total Assets

$1.394B

Q3 2024

Total Liabilities

$1.185B

Q3 2024

Book Value

$208.2M

Q3 2024

Cash

$110.0M

Q3 2024

P/E

-2.352

Nov 29, 2024 EST

Free Cash Flow

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$83.37M	$58.13M	$98.72M	$184.1M	$576.1M	$2.165B	$2.139B	$2.052B	$2.573B	$2.381B	$2.110B	$1.900B	$1.640B	$1.248B	$983.1M	$419.8M	$125.6M
YoY Change	43.42%	-41.11%	-46.38%	-68.04%	-73.39%	1.22%	4.24%	-20.26%	8.06%	12.85%	11.07%	15.81%	31.44%	26.94%	134.19%	234.24%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$83.37M	$58.13M	$98.72M	$184.1M	$576.1M	$2.165B	$2.139B	$2.052B	$2.573B	$2.381B	$2.110B	$1.900B	$1.640B	$1.248B	$983.1M	$419.8M	$125.6M
Cost Of Revenue	$61.23M	$57.99M	$7.307M	$41.80M	$452.8M	$1.880B	$1.555B	$1.290B	$1.634B	$1.498B	$1.350B	$1.262B	$1.043B	$755.1M	$608.6M
Gross Profit	$22.14M	$141.0K	$91.41M	$142.3M	$123.3M	$284.7M	$583.4M	$762.4M	$939.5M	$882.9M	$760.4M	$637.4M	$597.4M	$492.9M	$374.5M
Gross Profit Margin	26.56%	0.24%	92.6%	77.3%	21.4%	13.15%	27.28%	37.15%	36.51%	37.08%	36.04%	33.55%	36.42%	39.5%	38.1%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Selling, General & Admin	$30.80M	$49.46M	$60.86M	$39.10M	$47.20M	$719.7M	$696.8M	$665.8M	$789.1M	$722.3M	$615.2M	$535.7M	$479.1M	$364.6M	$263.2M	$128.1M	$35.80M
YoY Change	-37.73%	-18.73%	55.65%	-17.16%	-93.44%	3.29%	4.66%	-15.63%	9.25%	17.41%	14.84%	11.81%	31.4%	38.53%	105.46%	257.82%
% of Gross Profit	139.07%	35076.6%	66.58%	27.47%	38.28%	252.8%	119.44%	87.33%	83.99%	81.81%	80.9%	84.04%	80.2%	73.97%	70.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$19.46M	$18.51M	$24.84M	$38.80M	$169.8M	$654.7M	$643.8M	$615.5M	$724.2M	$659.3M	$556.6M	$492.0M	$438.8M	$336.7M	$7.400M	$1.300M	$0.00
YoY Change	5.14%	-25.48%	-35.97%	-77.15%	-74.07%	1.7%	4.59%	-15.01%	9.84%	18.46%	13.12%	12.13%	30.33%	4449.96%	469.23%
% of Gross Profit	87.89%	13128.37%	27.17%	27.26%	137.67%	229.99%	110.36%	80.74%	77.08%	74.68%	73.19%	77.19%	73.46%	68.31%	1.98%
Operating Expenses	$111.5M	$11.63M	$10.34M	$9.488M	$11.77M	$21.24M	$19.03M	$18.44M	$38.33M	$42.15M	$39.92M	$1.813B	$1.541B	$1.140B	$888.8M	$399.6M	$103.5M
YoY Change	858.28%	12.5%	8.99%	-19.37%	-44.6%	11.63%	3.19%	-51.89%	-9.06%	5.58%	-97.8%	17.63%	35.18%	28.24%	122.42%	286.09%
Operating Profit	-$89.34M	-$11.49M	$81.07M	$132.8M	$111.5M	$263.4M	$564.4M	$743.9M	$901.2M	$840.7M	$720.5M	-$1.175B	-$943.4M	-$646.9M	-$514.3M
YoY Change	677.36%	-114.18%	-38.97%	19.09%	-57.66%	-53.32%	-24.14%	-17.45%	7.19%	16.69%	-161.32%	24.56%	45.84%	25.79%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Interest Expense	-$18.11M	-$11.08M	-$11.64M	-$22.80M	-$16.60M	-$14.90M	-$38.20M	-$14.80M	-$21.30M	-$25.40M	-$36.70M	-$34.70M	-$33.80M	-$37.00M	-$32.00M	-$1.400M	$0.00
YoY Change	63.46%	-4.86%	-48.94%	37.35%	11.41%	-60.99%	158.11%	-30.52%	-16.14%	-30.79%	5.76%	2.66%	-8.65%	15.63%	2185.71%
% of Operating Profit			-14.36%	-17.16%	-14.88%	-5.66%	-6.77%	-1.99%	-2.36%	-3.02%	-5.09%
Other Income/Expense, Net						$0.00	-$2.800M	-$2.300M	$0.00	-$28.20M	$0.00	$0.00	-$35.40M	$0.00	$0.00
YoY Change						-100.0%	21.74%		-100.0%			-100.0%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Pretax Income	-$46.22M	-$60.60M	$26.66M	$41.66M	-$110.3M	-$449.9M	-$154.4M	$79.47M	$126.3M	$103.7M	$104.7M	$52.47M	$30.45M	$71.19M	$62.40M	$18.80M	$22.10M
YoY Change	-23.73%	-327.3%	-36.0%	-137.78%	-75.49%	191.34%	-294.29%	-37.09%	21.82%	-0.98%	99.56%	72.31%	-57.22%	14.09%	231.93%	-14.93%
Income Tax	$196.0K	-$557.0K	$15.00K	-$104.0K	-$911.0K	$441.0K	-$6.757M	$413.0K	$2.038M	$2.164M	$1.863M	$2.213M	$1.927M	$1.330M	$1.344M	$0.00	$0.00
% Of Pretax Income			0.06%	-0.25%				0.52%	1.61%	2.09%	1.78%	4.22%	6.33%	1.87%	2.15%	0.0%	0.0%
Net Earnings	-$38.57M	-$60.04M	$26.65M	$41.76M	-$131.9M	-$544.6M	-$169.9M	$48.98M	$124.5M	$101.4M	$102.7M	$50.15M	$28.52M	$69.86M	$61.06M	$18.80M	$22.10M
YoY Change	-35.76%	-325.34%	-36.2%	-131.66%	-75.78%	220.56%	-446.87%	-60.65%	22.77%	-1.31%	104.84%	75.83%	-59.17%	14.42%	224.78%	-14.93%
Net Earnings / Revenue	-46.26%	-103.28%	26.99%	22.68%	-22.89%	-25.16%	-7.94%	2.39%	4.84%	4.26%	4.87%	2.64%	1.74%	5.6%	6.21%	4.48%	17.6%
Basic Earnings Per Share	-$0.38	$0.63	$1.35	$0.93		-$6.87	-$2.32	$0.20	$1.36	$1.06	$1.21	$0.64	$0.40	$0.99	$0.88
Diluted Earnings Per Share	-$0.38	$0.63	$1.35	$0.93	-$1.587M	-$6.87	-$2.32	$0.19	$1.31	$1.04	$1.18	$0.64	$0.39	$0.98	$0.87	$317.0K	$435.0K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Cash & Short-Term Investments
YoY Change
Cash & Equivalents	$35.41M	$30.99M	$26.67M	$74.00M	$48.20M	$200.8M	$54.50M	$45.70M	$89.60M	$108.1M	$139.8M	$81.50M	$188.1M	$96.20M	$107.4M	$131.9M	$35.70M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets												$110.9M	$20.30M	$6.700M	$8.300M
YoY Change												446.31%	202.99%	-19.28%
Property, Plant & Equipment	$228.0K	$300.0K	$473.0K	$1.600M	$2.300M
YoY Change	-24.0%	-36.58%	-70.44%	-30.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$727.6M	$755.0M	$990.6M	$1.488B	$2.035B	$4.259B	$3.980B	$4.905B	$4.296B	$3.638B	$3.335B	$2.790B	$2.191B	$2.048B	$1.835B	$1.293B	$604.0M
YoY Change	-3.63%	-23.78%	-33.44%	-26.87%	-52.21%	7.01%	-18.86%	14.18%	18.09%	9.07%	19.55%	27.33%	6.96%	11.61%	41.91%	114.11%
Other Assets	$7.266M	$15.64M	$39.42M	$61.80M	$59.10M	$304.6M	$1.921B	$103.8M	$242.9M	$284.4M	$77.40M	$132.3M	$114.9M	$89.80M	$144.9M	$409.3M	$0.00
YoY Change	-53.54%	-60.33%	-36.22%	4.57%	-80.6%	-84.14%	1750.77%	-57.27%	-14.59%	267.44%	-41.5%	15.14%	27.95%	-38.03%	-64.6%
Total Long-Term Assets												$4.027B	$3.334B	$2.976B	$2.628B
YoY Change												20.79%	12.04%	13.25%
Total Assets	$1.519B	$1.847B	$2.323B	$2.949B	$3.568B	$5.288B	$6.644B	$6.252B	$5.704B	$5.164B	$4.713B	$4.138B	$3.354B	$2.983B	$2.636B	$2.129B	$715.6M
YoY Change
Accounts Payable
YoY Change
Accrued Expenses	$28.24M	$60.52M	$44.54M	$53.00M	$32.40M	$65.50M	$90.10M	$167.7M	$139.9M	$83.90M	$110.1M	$112.0M	$121.2M	$56.40M	$62.90M	$44.00M	$2.600M
YoY Change	-53.33%	35.87%	-15.96%	63.58%	-50.53%	-27.3%	-46.27%	19.87%	66.75%	-23.8%	-1.7%	-7.59%	114.89%	-10.33%	42.95%	1592.31%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$28.24M	$60.52M	$44.54M	$53.00M	$32.40M	$65.50M	$90.10M	$167.7M	$139.9M	$83.90M	$110.1M	$112.0M	$121.2M	$56.40M	$62.90M	$44.00M	$2.600M
YoY Change	-53.33%	35.87%	-15.96%	63.58%	-50.53%	-27.3%	-46.27%	19.87%	66.75%	-23.8%	-1.7%	-7.59%	114.89%	-10.33%	42.95%	1592.31%
Long-Term Debt	$254.6M	$255.6M	$255.3M	$255.1M	$254.9M	$254.7M	$254.5M	$351.4M	$349.9M	$360.0M	$486.4M	$333.8M	$233.8M	$215.2M	$215.1M	$0.00	$0.00
YoY Change	-0.38%	0.09%	0.1%	0.08%	0.08%	0.08%	-27.58%	0.43%	-2.81%	-25.99%	45.72%	42.77%	8.64%	0.05%
Other Long-Term Liabilities	$73.24M	$47.71M	$48.96M	$74.90M	$113.0M	$156.0M	$1.449B
YoY Change	53.52%	-2.56%	-34.63%	-33.72%	-27.56%	-89.24%
Total Long-Term Liabilities	$327.8M	$303.3M	$304.3M	$330.0M	$367.9M	$410.7M	$1.704B	$351.4M	$349.9M	$360.0M	$486.4M	$333.8M	$233.8M	$215.2M	$215.1M	$0.00	$0.00
YoY Change	8.1%	-0.34%	-7.79%	-10.3%	-10.42%	-75.9%	384.89%	0.43%	-2.81%	-25.99%	45.72%	42.77%	8.64%	0.05%
Total Liabilities	$1.270B	$1.562B	$1.938B	$2.421B	$3.061B	$4.733B	$5.412B	$4.892B	$4.356B	$3.923B	$3.590B	$3.123B	$2.586B	$2.232B	$1.960B	$1.619B	$178.3M
YoY Change	-18.72%	-19.4%	-19.92%	-20.91%	-35.34%	-12.54%	10.64%	12.3%	11.02%	9.3%	14.94%	20.77%	15.83%	13.92%	21.05%	807.91%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Basic Shares Outstanding	101.4M shares	87.11M shares	86.07M shares	84.33M shares	83.06M shares	83.05M shares	85.68M shares	77.53M shares	73.48M shares	72.84M shares	72.51M shares	72.26M shares	72.16M shares	70.80M shares	69.65M shares
Diluted Shares Outstanding	101.4M shares	87.11M shares	86.07M shares	84.33M shares	83.06M shares	83.05M shares	85.68M shares	78.69M shares	85.64M shares	74.12M shares	76.42M shares	73.11M shares	72.90M shares	71.37M shares	70.06M shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $149.97 Million

About Maiden Holdings, Ltd.

Maiden Holdings Ltd. engages in the provision of non-catastrophic, customized reinsurance products and services to small and mid-size insurance companies. The firm is engaged in the ownership and management of businesses and assets in the insurance and related financial services industries. The firm also provides a range of legacy services to small insurance companies, particularly those in run-off or with blocks of reserves that are no longer core to those companies' operations, working with clients to develop and implement finality solutions, including acquiring entire companies that enable its clients to meet their capital and risk management objectives. Its Diversified Reinsurance segment consists of a portfolio of predominantly property and casualty reinsurance businesses focusing on regional and specialty property and casualty insurance companies located primarily in Europe. Its AmTrust Reinsurance segment includes all business ceded to Maiden Reinsurance Ltd. (Maiden Reinsurance) by AmTrust Financial Services, Inc. (AmTrust).

Industry: Fire, Marine & Casualty Insurance Peers: Brookfield Wealth Solutions Ltd. Enstar Group LTD EVEREST GROUP, LTD. SiriusPoint Ltd